short terms savings plan?

[bibu00]

http://deluxeforums.hardwarezone.co...]-endowment-plan-values-question-5218527.html

Read this, i hope you dont get bloodsucked by all the agents lurking around here.
Its either they have a broken moral compass, or they have 0 financial literacy.

 

[havetheveryfun]

http://deluxeforums.hardwarezone.co...]-endowment-plan-values-question-5218527.html

Read this, i hope you dont get bloodsucked by all the agents lurking around here.
Its either they have a broken moral compass, or they have 0 financial literacy.

no choice dude.. gotta pay for their big cars, houses and expensive dinners

 

[Mark RBI]

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

Hi D3n, Currently have 2 short terms saving plans on hand. the tenure would be 7 years. Just wondering are you still looking for one?

 

[Perisher]

GE golden saver 5 year plan 2.53%/year
prosperity Saver 5 year plan 3.68%/year for those who buy regular premiun plan druing Jan and Feb.

Hi D3n, Currently have 2 short terms saving plans on hand. the tenure would be 7 years. Just wondering are you still looking for one?

He is asking for 10-15 year plan and to share it publicly on this forum.
It's in TS's first post.

 

[Perisher]

Regular saving vs lump sum
500 per month for 10 years is also above the 50k limit of SSB, much less 15yrs
Small insurance coverage
Bonus declarations above the guaranteed amounts done yearly

Cons are you are 'locked in' for the period of time. (Big con, so set aside a comfortable amount for this purpose and don't throw all your money in)

Wrong, according to this
http://www.sgs.gov.sg/savingsbonds/About-SSB/Product-Information.aspx
50k is the per issue limit.
Overall limit is 100k.

Just nice for TS since 500*12*15= $90k
Guaranteed by government and no lock-in.

 

[d3n]

Wrong, according to this
http://www.sgs.gov.sg/savingsbonds/About-SSB/Product-Information.aspx
50k is the per issue limit.
Overall limit is 100k.

Just nice for TS since 500*12*15= $90k
Guaranteed by government and no lock-in.

nice!

just curious, previously i did some CPF investment... does that mean I already have a CDP account or I still need to open one?

 

[ksyksyksy]

nice!

just curious, previously i did some CPF investment... does that mean I already have a CDP account or I still need to open one?

Hi,

You would need to open a CDP account if you're intending to invest using cash, as using CPF monies to invest only creates the CPF Investment Account.

 

[d3n]

Wrong, according to this
http://www.sgs.gov.sg/savingsbonds/About-SSB/Product-Information.aspx
50k is the per issue limit.
Overall limit is 100k.

Just nice for TS since 500*12*15= $90k
Guaranteed by government and no lock-in.

i understand this one every 6 mths interest is paid out to me. can i dun pay out but accumulate further?

 

[sashti90]

Hi, this may interest you:

AXA earlysaver plan- If you put in $500/mth for 10 years, you get $26k guaranteed on the 13th year and another $26k guaranteed on the 14th year and $13k guaranteed plus $15,255 non-guaranteed on the 15th year.

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

 

[akwl88]

Hi, this may interest you:

AXA earlysaver plan- If you put in $500/mth for 10 years, you get $26k guaranteed on the 13th year and another $26k guaranteed on the 14th year and $13k guaranteed plus $15,255 non-guaranteed on the 15th year.

Premiums paid after 13yrs - $500 x 12 x 13 = $78,000
Guaranteed - $26,000???
Premiums paid after 14yrs - $500 x 12 x 14 = $84,000
Guaranteed - $26,000???
Premiums paid after 15yrs - $500 x 12 x 15 = $90,000
Total Guaranteed - $26,000 + $26,000 +$13,000 = $65,000???

 

[henrylbh]

Premiums paid after 13yrs - $500 x 12 x 13 = $78,000
Guaranteed - $26,000???
Premiums paid after 14yrs - $500 x 12 x 14 = $84,000
Guaranteed - $26,000???
Premiums paid after 15yrs - $500 x 12 x 15 = $90,000
Total Guaranteed - $26,000 + $26,000 +$13,000 = $65,000???

Should be read as -

Premium paid $500 pm X 10 years = $60k
Payout at 13th year = 26k
Payout at 14th year = 26k
Payout a 15th year = 13k
Payout total = $65k
Non-guaranteed payout at end $15,255.

Even with non-guaranteed payout, the return is lousy. If non-guaranteed is nil, insured may be a sucker. Might as well go for SSB and take out all at end of 10th year.

 

[sashti90]

Yup, just like henry says.. You put in total $60k, get $65k ++
And yes, the main diff is the non-guaranteed returns that the SSB does not offer. Given the increasing interest rate environment we are in right now, you will probably get a decent non-guaranteed return from us.

Should be read as -

Premium paid $500 pm X 10 years = $60k
Payout at 13th year = 26k
Payout at 14th year = 26k
Payout a 15th year = 13k
Payout total = $65k
Non-guaranteed payout at end $15,255.

Even with non-guaranteed payout, the return is lousy. If non-guaranteed is nil, insured may be a sucker. Might as well go for SSB and take out all at end of 10th year.

 

[havetheveryfun]

Yup, just like henry says.. You put in total $60k, get $65k ++
And yes, the main diff is the non-guaranteed returns that the SSB does not offer. Given the increasing interest rate environment we are in right now, you will probably get a decent non-guaranteed return from us.

No, the main diff is there is no need to lock in for SSB

 

[henrylbh]

Yup, just like henry says.. You put in total $60k, get $65k ++
And yes, the main diff is the non-guaranteed returns that the SSB does not offer. Given the increasing interest rate environment we are in right now, you will probably get a decent non-guaranteed return from us.

Sorry to say that even if non-guaranteed is given in full, the return is no better than SSB with vesting period of 10 years compared with 15 years for the proposal. Worst than SSB if non-guaranteed is less than half.

 

[Perisher]

i understand this one every 6 mths interest is paid out to me. can i dun pay out but accumulate further?

Not that I know of.
Instead, you can just open an account to link to this SSB such that there is nothing but SSB $$ in it so you can re-invest it every time the interest payment hit $1k.

Why $1k? Because paying $2 for every month for a $500 SSB application is eating up your profit. 0.4% gone every month.

If you pay $2/mth = $24/year. Over 10 years, that's $240 that you can save.
Even better if you buy every quarter or every 6 month just as you receive interest.

Btw, kindly remove your advertising signature.

 

[chuanz]

Yup, just like henry says.. You put in total $60k, get $65k ++
And yes, the main diff is the non-guaranteed returns that the SSB does not offer. Given the increasing interest rate environment we are in right now, you will probably get a decent non-guaranteed return from us.

This is why I hate agents.

 

[akwl88]

This is why I hate agents.

The key words are 'probably' and 'non-guranteed'. They can mean $0 payout too.

 

[Lewis.T]

The key words are 'probably' and 'non-guranteed'. They can mean $0 payout too.

Highly unlikely, unless the company records losses on the participating fund year after year for 15 years.

The non-guaranteed part is regulated by the LIA, and follows the 9:1 ratio where 9 parts goes back to policy owners while 1 part can go to shareholders.

This bonus is also declared to you yearly, and once declared is guaranteed and cannot be withdrawn by the company.

 

[henrylbh]

Highly unlikely, unless the company records losses on the participating fund year after year for 15 years.

The non-guaranteed part is regulated by the LIA, and follows the 9:1 ratio where 9 parts goes back to policy owners while 1 part can go to shareholders.

This bonus is also declared to you yearly, and once declared is guaranteed and cannot be withdrawn by the company.

He didn't mention anything about annual bonus, only terminal bonus. Anyway non-guaranteed is as good as nil. Otherwise they could say we will give a minimum of $1 or $xx of non-guaranteed amount. Obvious they not confident to give any except hope.

 

[anfielder]

Highly unlikely, unless the company records losses on the participating fund year after year for 15 years.

The non-guaranteed part is regulated by the LIA, and follows the 9:1 ratio where 9 parts goes back to policy owners while 1 part can go to shareholders.

This bonus is also declared to you yearly, and once declared is guaranteed and cannot be withdrawn by the company.

Great deal for the shareholders as they can have their cake and eat it, not so for the policyholders.